As a new musician with big dreams, you know your life is all about struggling to make it against the odds. And if you’re planning to become a full-time musician, you’ll need some source of income to make it big. The good news is that music is one of the most fulfilling careers, with a great prospect to earn a decent income. There are many examples of musicians who have successfully increased their revenue streams by using the right promotion and income diversification strategies.
With the level of competition out there, earning a good income from music can be tough at the outset. It requires will-power, effective advertising, and, most importantly, exciting content! But once you explore and experiment with your options, the money will start rolling in.
Let’s take a look at five of the most efficient ways to earn a living in the music industry.
Digital and Physical Distribution
The advent of digital media has made it easier than ever for music lovers to access your songs and tunes. Millions of people from across the globe spend a big chunk of their day listening to a variety of genres, such as hip hop, rock, rap, and more. However, these music-lovers would soon run out of new material to listen to if it wasn’t for all of the passionate musicians like you out there.
Selling your music online is one of the most effective ways to earn income as a musician. Having your website can be extremely helpful, but partnering up with digital platforms like iTunes and Spotify is where the real potential lies. YouTube is yet another effective means of digital distribution. If you’re able to get a healthy amount of subscribers for your channel, the cash is sure to start pouring in!
Despite the sheer convenience of digital platforms, some people still prefer the classic touch of buying music from a physical store. Distributing your content through CDs would ensure that you’re not missing out on any potential buyers.
Performing in live shows may be an old-fashioned way to earn money as a musician, but it is still as effective as it used to be. You’ll probably have to start by performing at your local bar or restaurant for a small compensation, or maybe even for free. But once your popularity rises, you’ll be able to book large venues for live gigs.
Most music-lovers thoroughly enjoy the feel of a jam-packed concert. And if your venue ends up being sold out, you’re bound to be swimming in cash! After your initial success, it is a good idea to start touring the country or even other countries for live performances. Not only will this provide significant monetary benefits, but it will also help you market your content and establish a prominent following.
Royalties are a means of making money from music that you’ve already created and distributed, whether through digital and physical platforms or live performances. In simple terms, they are compensatory payments made to copyright holders in exchange for the licensed use of their content. For musicians, royalties usually come from TV channels, radio stations, and streaming services like Spotify(that’s where our Spotify Promotion services come in handy). Maintaining ownership of your content is a pivotal part of earning from royalties, which is why it is vital to have a capable legal team behind your back at all times.
Session work is another viable way of making some extra cash in the music industry. Studios often hire instrumentalists and singers for various musical projects in their pipeline. The right session work will provide you with a healthy income, while also improving your chances of gaining some recognition in the industry. On top of that, regularly working with other musicians will enhance your skill-set, leading to higher-paying jobs in the future.
If you have the time, teaching others can also be an excellent way to earn form music. And after all, passing on your skill-set to other aspiring musicians can be a rewarding experience. You could either teach at a school, offer private lessons at home, or even make music lesson videos for your YouTube channel. Either way, you’d be gaining a steady income while marketing your talents at the same time.
Get Started Now
A successful career in music is by no means an easy thing to pursue but the above techniques will help you make a name for yourself while also gaining a steady income. And if music is your true passion, it’ll feel like you’re making money by doing no work at all!